LONDON (Alliance News) - AFH Financial Group PLC Wednesday reported a 13% increase in pretax profit in the first half.
The investment management company said it made a GBP607,000 pretax profit in the six months to the end of April, compared with GBP537,000 in the corresponding half of the prior year. Revenue grew to GBP8.2 million from GBP7.3 million, and administrative expenses were up to GBP3.8 million from GBP3.1 million.
"The group remains profitable and cash generative with a strong balance sheet for its current size. Our strategy remains to expand nationally in our traditional areas of strength through both organic and acquisitive growth to drive increased profitability," Chairman John Wheatley said in a statement.
"Our aim is to grow our client base through increased adviser numbers and greater productivity afforded by the enlarged AFH structure and centralised support functions. The progress made during the first half of the current financial year and in particular the step change afforded by our most recent acquisitions allows the directors to view the prospects for the full year and beyond with confidence," Wheatley added.
AFH shares were untraded Wednesday, having last traded at 147.60 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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